SEPZ vs. PVEX

Last updated Aug 2, 2026

SEPZ (TrueShares Structured Outcome (September) ETF) and PVEX (TrueShares ConVequity ETF) are both exchange-traded funds - SEPZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September, while PVEX is a Large Cap Blend Equities fund actively managed by TrueShares. SEPZ is passively managed, while PVEX is actively managed. Over the past year, SEPZ returned 16.22% vs 21.87% for PVEX. Their correlation of 0.91 means they have usually moved in the same direction. SEPZ charges 0.80%/yr vs 0.79%/yr for PVEX.

Performance

SEPZ vs. PVEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (September) ETF (SEPZ) and TrueShares ConVequity ETF (PVEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SEPZ having a 7.08% return and PVEX slightly lower at 6.90%.

SEPZ

• 1D: 0.59%
• 1M: -0.07%
• 6M: 6.07%
• YTD: 7.08%
• 1Y: 16.22%
• 3Y*: 14.12%
• 5Y*: 10.57%
• 10Y*: —
• ALL TIME*: 12.40%

PVEX

• 1D: 0.86%
• 1M: -0.83%
• 6M: 6.01%
• YTD: 6.90%
• 1Y: 21.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.70%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PVEX TrueShares ConVequity ETF	$145.95K	$146.08K	$218.56K
SEPZ TrueShares Structured Outcome (September) ETF	$230.97K	$255.91K	$416.21K

SEPZ vs. PVEX - Yearly Performance Comparison

	2026 (YTD)	2025
SEPZ TrueShares Structured Outcome (September) ETF	7.08%	8.87%
PVEX TrueShares ConVequity ETF	6.90%	13.68%

Correlation

The correlation between SEPZ and PVEX is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.91

The correlation between SEPZ and PVEX has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

SEPZ vs. PVEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SEPZ

SEPZ Risk / Return Rank: 55
SEPZ Sharpe Ratio Rank: 53
SEPZ Sortino Ratio Rank: 52
SEPZ Omega Ratio Rank: 50
SEPZ Calmar Ratio Rank: 55
SEPZ Martin Ratio Rank: 64

PVEX

PVEX Risk / Return Rank: 50
PVEX Sharpe Ratio Rank: 46
PVEX Sortino Ratio Rank: 44
PVEX Omega Ratio Rank: 45
PVEX Calmar Ratio Rank: 62
PVEX Martin Ratio Rank: 54

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SEPZ vs. PVEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (September) ETF (SEPZ) and TrueShares ConVequity ETF (PVEX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SEPZ	PVEX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.14	+0.15
Sortino ratio: Return per unit of downside risk	1.87	1.63	+0.24
Omega ratio: Gain probability vs. loss probability	1.23	1.21	+0.01
Calmar ratio: Return relative to maximum drawdown	1.95	2.21	-0.26
Martin ratio: Return relative to average drawdown	7.79	6.51	+1.28

SEPZ vs. PVEX - Sharpe Ratio Comparison

The current SEPZ Sharpe Ratio is 1.29, which is comparable to the PVEX Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of SEPZ and PVEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SEPZ vs. PVEX - Drawdown Comparison

The maximum SEPZ drawdown since its inception was -15.22%, which is greater than PVEX's maximum drawdown of -7.63%. Use the drawdown chart below to compare losses from any high point for SEPZ and PVEX.

Drawdown Indicators

	SEPZ	PVEX	Difference
Max Drawdown Largest peak-to-trough decline	-15.22%	-7.63%	-7.59%
Max Drawdown (1Y) Largest decline over 1 year	-7.30%	-7.63%	+0.33%
Max Drawdown (3Y) Largest decline over 3 years	-14.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.22%	—	—
Current Drawdown Current decline from peak	-1.89%	-3.33%	+1.44%
Average Drawdown Average peak-to-trough decline	-2.82%	-2.08%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	2.60%	-0.78%

Volatility

SEPZ vs. PVEX - Volatility Comparison

The current volatility for TrueShares Structured Outcome (September) ETF (SEPZ) is 3.06%, while TrueShares ConVequity ETF (PVEX) has a volatility of 4.06%. This indicates that SEPZ experiences smaller price fluctuations and is considered to be less risky than PVEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPZ	PVEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	4.06%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	8.53%	9.43%	-0.90%
Volatility (1Y) Calculated over the trailing 1-year period	10.99%	14.83%	-3.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.41%	15.29%	-2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.48%	15.29%	-2.81%

SEPZ vs. PVEX - Expense Ratio Comparison

SEPZ has a 0.80% expense ratio, which is higher than PVEX's 0.79% expense ratio.

Dividends

SEPZ vs. PVEX - Dividend Comparison

SEPZ's dividend yield for the trailing twelve months is around 2.05%, more than PVEX's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021
PVEX TrueShares ConVequity ETF	0.18%	0.19%	0.00%	0.00%	0.00%	0.00%
SEPZ TrueShares Structured Outcome (September) ETF	2.05%	2.20%	3.62%	3.55%	0.69%	0.05%

Frequently Asked Questions

Can I hold both SEPZ and PVEX in my portfolio?

With a correlation of 0.92, SEPZ and PVEX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SEPZ or PVEX?

PVEX has higher volatility (4.06%) compared to SEPZ (3.06%). In terms of maximum drawdown, SEPZ dropped -15.22% vs PVEX's -7.63%.

Which ETF is better, SEPZ or PVEX?

On 1-year performance, PVEX leads with 21.87% vs 16.22% for SEPZ. On fees, PVEX is cheaper at 0.79% per year. On volatility, SEPZ has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPZ or PVEX?

Over the 1-year period, PVEX has performed better with a 21.87% return vs 16.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPZ or PVEX?

PVEX is cheaper with a 0.79% expense ratio, compared with 0.80% for SEPZ.

Which ETF pays a higher dividend yield, SEPZ or PVEX?

SEPZ has the higher dividend yield at 2.05%, compared with 0.18% for PVEX.

What is the main difference between SEPZ and PVEX?

SEPZ is categorized as Options Trading, while PVEX is Large Cap Blend Equities. Their fees differ too: 0.80% for SEPZ and 0.79% for PVEX.

Which has better risk-adjusted returns?

SEPZ currently has the higher Sharpe Ratio (1.29 vs 1.14), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.